Do countries belonging to the same region suggest the same growth enhancing variables? Evidence from selected South Asian countries

Cooray, Arusha; Paradiso, Antonio; Truglia, Francesco Giovanni

doi:10.1016/j.econmod.2013.06.015

Cited by 10 publications

(4 citation statements)

References 53 publications

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“…Bhattacharjee and Haldar (2015a, 2015b) in their study under the purview of NGT have undertaken panel data analysis and observed the negative insignificant influence of political stability in the four major economies of South Asia. Cooray et al (2013) show, by employing appropriate statistical tests, that despite apparent homogeneity in countries belonging to the same geographical area with similar technology and apparently similar macro stylized facts, there could be other sources of heterogeneity such as different national policies or political, legal and economic institutions that may change the focus. They argue that this makes time-series estimation techniques more suitable for growth driving variables.…”

Section: Review Of the Literaturementioning

confidence: 99%

Do institutions affect economic growth? An empirical analysis of selected South Asian countries

Bhattacharjee

2016

Asian Journal of Comparative Politics

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In this article we estimate the role of institutions in conjunction with physical capital stock, human capital stock, openness and liberalisation in economic growth of the four major economies of South Asia. We apply both time series and panel data analysis for estimation. The time series analysis shows that physical capital stock positively influences economic growth of the four major South Asian countries. The influence of the other factors varies across the countries in the long run. When we control for institutional quality, the speed of adjustment diminishes for every country. The panel data analysis shows that voice and accountability and regulation impart positive and significant influence while government effectiveness and rule of law imparts negative significant influence on PCGDP of the countries. The study shows the need for higher investment in human capital, physical capital. Additionally, the quality of institutions in South Asia needs attention, to sustain growth in future.

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Section: Review Of the Literaturementioning

confidence: 99%

Do institutions affect economic growth? An empirical analysis of selected South Asian countries

Bhattacharjee

2016

Asian Journal of Comparative Politics

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“…The growth-led import (GLI) model and export-import-led model are relevant for all countries in the sample. Cooray et al (2013) show employing appropriate statistical tests, that despite apparent homogeneity in countries belonging to the same geographical area with similar technology, and apparent similar macro stylized facts, there could be other sources of heterogeneity such as different political, legal and economic institutions, and national policies that may change the focus. Ahmed and Krishnasamy (2013) have adopted the meta-frontier framework to analyse the technological gap and level of catch-up of the three regions in Asia, namely, Southern Asia, Eastern Asia and ASEAN5 with respect to the Asian technology as a whole for the period 1980-2006.…”

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confidence: 99%

Economic Growth of Selected South Asian Countries: Does Institution Matter?

Bhattacharjee¹,

Haldar

2015

Asian Economic and Financial Review

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In this paper we estimate the proximate determinants of economic growth in four major economies of South Asia with special emphasis on the role of institutions in conjunction with stock of physical capital, human capital and openness (measured as trade as percentage of GDP) as major predictor variables. World Governance indicators are available since 1996; therefore, we run a panel regression using the fixed-effect method of estimation for the period of 1996-2010. We also employ a dynamic panel using System-Generalized Method of Moments (SGMM) to counter the possible endogeneity among the variables and also the weak instrumental problem of earlier Arellano and Bond (1991) dynamic panel model. The two institutional measures, namely, voice and accountability and government effectiveness have appeared to be significant predictors of growth of selected South Asian countries. Our results also support the conventional growth predictors like physical and human capital but the effect of openness on growth surprisingly appears to be negative and significant in the period under study.

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“…Further, it is relevant to highlight that many South Asian countries have striking similarities. Mallik and Chowdhury (2001); Cooray, Paradiso, and Truglia (2013) argue that Pakistan, Sri Lankan, Bangladesh and India can be considered a homogenous group of countries on the basis of economic performance, economic characteristics, structure of output, technology, culture, education, and capital accumulation. The fact that a similar study does not exist in the South Asian region, our results have thus relevance to a broad range of countries, not just Pakistan.…”

Section: Introductionmentioning

confidence: 99%

The Relationship between Implied Cost of Equity and Corporate Life Cycle Stages

Shah¹,

Khan²,

Afraz³

2018

SAJMS

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This study develops and tests the hypothesis that the implied cost of equity declines as a firm passes through the growth, maturity, and stagnant stages of its life. We use the methodology of Anthony and Ramesh (1992) for identifying corporate life cycle stages. Three different models are used to calculate the implied cost of equity: the Easton (2004) model, the Gordon and Gordon (1997) model, and the Ohlson and Juettner-Nauroth (2005) model. For testing our hypothesis, we use data of all non-financial firms listed on the Pakistan Stock Exchange from 1996 to 2012. The results lend strong support to our hypothesis in both the univariate and multiple regression analyses. The results show robustness to using different models of implied cost of equity and controlling for well-known determinants of the cost of equity such as beta, idiosyncratic risk, market-to-book ratio, firm size, and leverage. Our findings imply that firm's age can serve as a useful indicator for shareholders and creditors in evaluating riskiness and information asymmetry of the firm.

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Do countries belonging to the same region suggest the same growth enhancing variables? Evidence from selected South Asian countries

Cited by 10 publications

References 53 publications

Do institutions affect economic growth? An empirical analysis of selected South Asian countries

Do institutions affect economic growth? An empirical analysis of selected South Asian countries

Economic Growth of Selected South Asian Countries: Does Institution Matter?

The Relationship between Implied Cost of Equity and Corporate Life Cycle Stages

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